Starting a new job need a loan for a deposit on accommodation

Jamborambo

Hello I have just landed a great new job and I start next Monday. Unfortunately it's a considerable distance from my current place of residence, so I will need to relocate in order to commute, I'm 22 and currently living with parents and have no ties, so this is not a problem.

What is a problem is getting the money together to put a deposit on a house share. I have no one that I can burrow money off and my own bank said they could not offer me a loan of any amount today. I have 350 in my bank account currently.

I start my new job on Monday so need to sort something by then but I will need around £900 for a deposit and the first months rent, plus money for living expenses. In essence a loan of £2000 should ensure I have enough money until I get my first full paycheque. I will be earning 24000 a year before tax so I will easily be able to pay this amount back.

Does anyone know of anyway which I can get this money?

Thanks in advance

ViolaLass

Your parents?

opinions4u

Parents?

Bank overdraft?

Credit card cash advance?

CKhalvashi

A relative will be cheapest, or asking for an increased overdraft, explaining the reasons why.

The problem with the second route is that a bank will want to see funds coming in each month before they are able to increase anything.

CK

chesky

Try your local authority to see if they give assistance with rent deposits. Or you could try for a social fund budget loan from the DWP.

Tixy

Will new employer consider a relocation loan?

If you are a recent graduate possibly a graduate loan?

[Deleted User]

Look out for rooms on spareroom.co.uk that do not require a deposit.

19lottie82

And then you need £1100 (2k - £900) for "living expenses" for a month? That is ridiculous, no one needs that.

As someone said, rent a room (try gumtree / spareroom.com) for a few months, most of them wont require a deposit?

Unless you're living in London, your £350 should cover this then you only need to borrow a smallish amount for food and bus fares to your office (£50 a week?) until you get paid.

Voyager2002

19lottie82 wrote: »

And then you need £1100 (2k - £900) for "living expenses" for a month? That is ridiculous, no one needs that.

As someone said, rent a room (try gumtree / spareroom.com) for a few months, most of them wont require a deposit?

Unless you're living in London, your £350 should cover this then you only need to borrow a smallish amount for food and bus fares to your office (£50 a week?) until you get paid.

The OP made it clear that this is for a house share (effectively a room rather than flat). Personally I think the figures are reasonable, although you are right, renting someone's spare room could be cheaper and might be a good first step. (Although starting a new job in a new city is enough stress, and the additional stress of living somewhere unsatisfactory in the short term would make for a bad start.)

When I was in this situation, I walked into my local branch of the Co-op bank and the staff were very helpful (they even found a way to give me the loan free of interest!).

Idiophreak

19lottie82 wrote: »

And then you need £1100 (2k - £900) for "living expenses" for a month? That is ridiculous, no one needs that.

Don't forget that there's £350 in the bank already - so that means that living expenses are at £1450 for the month.

OP, is it really too far to commute for just the first month?

And you really don't know *anyone* you could ask for a loan?

19lottie82

Voyager2002 wrote: »

Personally I think the figures are reasonable,

no one NEEDS £1100 to live on for a month, after rent